Arab Today, arab today cnooc to buy canada\s nexen for 151 bn
Last Updated : GMT 23:12:04
Arab Today, arab today
Arab Today, arab today

CNOOC to buy Canada\'s Nexen for $15.1 bn

Arab Today, arab today

Arab Today, arab today CNOOC to buy Canada\'s Nexen for $15.1 bn

Beijing- AFP

Chinese state-owned oil and gas giant CNOOC Ltd will buy Canadian oil company Nexen for $15.1 billion, the two companies announced Monday. They said in a statement that CNOOC, which is China\'s biggest offshore oil and gas producer, will acquire all of the outstanding common shares in Nexen for $27.50 per share in cash. The deal is expected to close in the fourth quarter of this year. \"The acquisition reflects our strong belief in Nexen\'s rich and diverse portfolio of assets and world-class management and employees,\" CNOOC chairman Wang Yilin said in a statement.\"This is an exciting opportunity for us to build on our existing joint venture relationship with Nexen in Canada, and to acquire a leading international platform in the process,\" he added.\"We strongly believe that this acquisition will create long-term value for CNOOC Ltd\'s shareholders.\" Nexen chairman Barry Jackson said he believed the transaction would deliver \"significant and immediate\" value to the company\'s shareholders. The offer price represents a 61 percent premium over Nexen\'s closing price on Friday. \"The Nexen board is unanimous in its view that the transaction is in the best interest of Nexen and recommends shareholders vote in favor of the transaction,\" he said. Nexen currently has debt of about $4.3 billion. CNOOC has 2.8 billion Canadian dollars invested in Canada, including stakes in MEG Energy Inc and OPTI Canada Inc. CNOOC acquired OPTI, an oil sands producer, last year and is a joint venture partner with ConocoPhilips, the third largest integrated energy company in the United States.Industry officials said Nexen will help CNOOC extend its presence in many of the world\'s most significant oil and gas producing regions -- including western Canada, the North Sea, the Gulf of Mexico and offshore Nigeria. \"The acquisition of Nexen expands CNOOC Ltd\'s overseas businesses and resource base in order to deliver long-term, sustainable growth,\" CNOOC said on its website.Under the agreement, Nexen\'s assets in Britain, the United States and other countries will continue to be managed from its regional offices, and CNOOC will retain the current management and employees in those operations as well as continue to work with local suppliers. CNOOC will fund the proposed acquisition through \"existing cash resources and external financing\", the company said in a filing to the Hong Kong Stock Exchange.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today cnooc to buy canada\s nexen for 151 bn Arab Today, arab today cnooc to buy canada\s nexen for 151 bn

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today cnooc to buy canada\s nexen for 151 bn Arab Today, arab today cnooc to buy canada\s nexen for 151 bn

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan

GMT 06:08 2017 Sunday ,18 June

Lower oil prices set to test US shale driller

GMT 05:10 2017 Wednesday ,14 June

Oil prices edge down

GMT 05:22 2017 Tuesday ,13 June

Oil rises as investors buy into US crude

GMT 15:11 2017 Saturday ,10 June

Oil prices steady despite supply glut

GMT 14:28 2017 Sunday ,04 June

Kuwait oil price down 52 cents to USD47.83 pb
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday